In sales, your overriding goal is to increase revenue, either by increasing the number of deals closed or by boosting customer retention. Multiple CRM providers and customer experience management companies have published terrific guides on increasing customer retention, but in this chapter we’ll focus on the former technique: increasing the number of deals closed, by maintaining a high volume sales pipeline and guiding leads down your sales funnel.
Your sales pipeline is essentially a visualization of the different steps within your sales process, providing insights based on which leads and prospects are at which stage of that process.
These insights might include metrics like what sales activities bring in the most profit, or where in your sales funnel are deals falling through.
A sales pipeline allows your sales reps and company leaders to gauge how much revenue can be made and how many deals can be closed just by looking at where a prospect is within their journey.
Utilizing a sales pipeline will give you the best picture of your sales status and, done well, can lead to greater lead conversion and ultimately more customers.